---

Crude oil prices eased this morning in Asia ahead of U.S. supply data later in the week and as investors eyed talks between Greece and euro zone finance ministers that broke down overnight when Athens rejected a proposal to request a six-month extension of its international bailout as "unacceptable".

Oil futures at ICE and NYMEX started the week on a steadier note, already profiting from bullish news on Monday morning. Fighting in Libya caused production losses and Iraq's exports are likely to decrease this month as well. Prices soon tested the upside, the more so as Japan - Asia's second largest energy consumer - is no longer in a recession and the technical constellation was slightly bullish. Some OPEC representatives made comments in the course of the day which indicated that the cartel considered the latest rise in oil prices legitimate as overproduction had decreased. Around noon, oil futures sharply rose and so Brent briefly surpassed its key-resistance at 62.30 USD. However, the break above this marker wasn't sustainable which is why this resistance can be considered stable overall. Prices pulled back from their highs in the course of the afternoon. Due to the US holiday, many traders were absent on Monday and so investors avoided too large long positions. The slump in the euro late in the evening prompted traders to take more profits but oil futures ended the day with gains, nonetheless.

ICE Gasoil contract for March delivery settled at 585.75 USD on Monday, this is +2.25 USD above Friday's settlement. With some 42,100 deals the traded volume (front month) was below average.

The RSI climbed back above 70% at the Gasoil chart this morning and so the selling signal it had given on Monday has waned. The stochastic indicator at ICE and NYMEX charts doesn't provide any fresh cues either as its lines are converging again. Without new cues, the technical constellation can be assessed as neutral. Technical analysts will rather focus on the resistances. If oil futures breach their resistances, buying signals may be triggered. Brent's first important resistance is at 62.30 USD. WTI might find strong resistance at 53.70 USD.

U.S.

Nymex above average: Oil prices held steady in electronic trading this morning but meanwhile investors have locked in some profits. The traded volume at NYMEX is far above average at this time of the day. Market participants are waiting for the European financial and the forex markets to open, for news concerning the strikes at US oil refineries and the economic indicators that are on the agenda today.

Houston (ex-wharf indications 17-2)
380cst $341
180cst $404
MGO $638

New Orleans (ex-wharf indications 17-2)
380cst $357
180cst $383
MGO $630

Singapore (delivered indications 17-2)

380cst $364
180cst $384
MGO $567

Fujairah (delivered indications 17-2)

380cst $370
180cst $391
MGO $775